EUR/USD Long In Good Shape As Recovery Continues
MyFXspot research | Aug 19, 2018 07:36AM ET
The CAD strengthened against ithe USD on Friday after data showing a surge in domestic inflation triggered increased bets on another Bank of Canada interest rate hike as soon as September. We have placed USD/CAD sell order.
Turning to the EUR/USD, Wednesday’s hammer candle bull signal was confirmed on Thursday and Friday. We remain long at 1.1350 for 1.1520.
This is how MyFXspot.com trades now:
EUR/USD
Trading strategy: Long
Open: 1.1350
Target: 1.1520
Stop-loss: 1.1270
Recommended size: 1.88 mini lots per $10,000 in your account
Short analysis: Wednesday’s hammer candle bull signal was confirmed on Thursday and Friday. There is scope for further gains. Key resistance levels are 1.1430, August 14 top, 1.1448 200-day moving average and 1.1455 10-day moving average. A close above the latter would open the way to our target.
GBP/USD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: The GBP/USD failed to make progress above Thursday’s high at 1.2754, having broken back inside its 30-day moving average Bolli envelope. Daily bear momentum holding but stochs bull diverging. We stand aside.
USD/JPY
Trading strategy: Short
Open: 111.40
Target: 109.40
Stop-loss: 112.40
Recommended size: 1.66 mini lots per $10,000 in your account
Short analysis: Bears back in control as price ducks under the daily cloud. Our short target is near 200-day moving average, at 109.90.
USD/CAD
Trading strategy: Sell
Open: 1.3065
Target: 1.2845
Stop-loss: 1.3175
Recommended size: 1.78 mini lots per $10,000 in your account
Short analysis: USD/CAD dipped below 1.3100 after Canada’s inflation data. 1.3050 is an important support level, a break below that level would open way for move to support at August 7 low 1.3001. But in our opinion even stronger downward move is likely.
AUD/USD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: Daily charts suggest this bounce will extend but monthly charts show the longer-term bear run will resume after short-term oversold conditions are unwound. Signals are mixed and we stand aside.
EUR/GBP
Trading strategy: Long
Open: 0.8935
Target: 0.9050
Stop-loss: 0.8880
Recommended size: 2.15 mini lots per $10,000 in your account
Short analysis: Rally off August's low extends and the pair is back above 14-day exponential moving average. Our long is in good shape. The target remains at 0.9050.
Trading ideas by MyFXspot.com
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